In certain situations, such as when dealing with your employer, a utility provider, or a creditor, you might find yourself in need of a void cheque. Fortunately, if you have a CIBC paper cheque, making it void is a straightforward process – you can simply use a pen to mark it with the word “VOID” in large letters across the front.
But what if you don’t have a physical chequebook and require a void cheque? In such cases, CIBC offers a convenient solution where you can easily obtain a CIBC void cheque online via your banking platform.
In this blog post, we will explain how to read and get a CIBC void cheque online, ensuring a swift and hassle-free experience.
How To Get A CIBC Void Cheque Online
When you need a CIBC void cheque, you can use the form provided by the CIBC that includes all the account information.
There are two ways you can access this form:
CIBC Direct Deposit Form
- Go to CIBC.com and download the Payroll, Direct Deposit, or Pre-Authorized Payment Form.
- Fill out each field and save the form onto your computer (You will need to print a copy in order to sign the “Customer Signature” space).
- Then, simply submit the form to the billing company, business, or individual requesting the void cheque. (If you are sending the form by email, remember to scan your signed copy so that the electronic version contains your signature).
CIBC Online Banking
- Log in to your CIBC Online Banking and click on “My Accounts” in the menu.
- Choose the specific account you wish to connect.
- Find and select the “Void cheque/direct deposit info” link in the “Manage My Account” dropdown.
- Review the Account Information form, which displays essential details like your transit number, institution number, and account number.
- Print out the form, sign it, add the date, and then provide it to the requesting company.
You have the option to request a physical copy of this form from your local CIBC Bank, but opting for the online form is a time-saving choice.
How To Read A CIBC Sample Cheque
Sample cheques are commonly needed when setting up direct deposits to your bank account or authorizing regular debits, like rent, mortgages, loan payments, or childcare expenses.
Within a cheque, you’ll find crucial bank account details, like your financial institution number, transit number, and bank account number. Billing companies, businesses and individuals can conveniently utilize these numbers to establish connections with your bank account, facilitating deposits and withdrawals.
At the Canadian Imperial Bank of Commerce (CIBC), this sample cheque is alternatively known as a CIBC “specimen” or “void” cheque, and it contains the following:
- Personal Information (Payer): This appears at the top of the cheque, signifying you as the owner of the bank account from which funds are being withdrawn. It includes your name and your home address, and it is also pre-printed.
- Beneficiary (Payee): In the “Pay to the order of” section, you specify the name of the individual or organization to whom you are making a payment. For a void or sample CIBC cheque, this section remains blank.
- Bank Account and Branch Details: This section provides information about the bank, including the bank’s name and the address of the specific branch where your account is maintained.
- Cheque Number: The 3-digit cheque number is used by the bank to identify the cheque transaction on your bank statement. On a CIBC cheque, it is located on the far left at the bottom in the MICR (Magnetic Image Character Recognition) encoding line, as well as in the top right corner of the cheque.
- Transit (Branch) Number: This 5-digit number designates the particular bank branch where you initially opened your bank account. Transit numbers for Canadian banks are regulated by Payments Canada.
- Financial Institution Number: Also known as the bank code, this 3-digit number (CIBC’s institution code is 010) remains consistent regardless of the CIBC bank branch you use.
- Account Number: Your bank account is identified by a 7-12 digit number. CIBC’s account numbers are 7 digits long and include a dash (for example, 12-09574 is an example of a CIBC account number).
How To Write CIBC Cheque
To write a CIBC cheque, follow these simple steps:
- Start by filling in the date in the upper right corner of the cheque.
- Next, write the recipient’s name on the line designated as “pay to the order of.”
- Specify the amount you intend to pay, and ensure you fill in the box where the dollar sign ($) is with the amount in numerical figures.
- Use the “Memo” section to provide a brief reason for the payment. For instance, you could write “December rent.”
- Finally, to validate the cheque, sign it at the bottom left corner before handing it over to the recipient (payee).
What is Void Cheque?
A void cheque is a cheque from your chequebook that holds no legal validity. Any individual or organization you provide a void cheque to cannot cash or deposit it into their account. Instead, void cheques serve a purely informational purpose.
The primary function of a void cheque is to establish a connection between you and your bank account. This serves as a means of confirming your identity and ensuring that any automated withdrawals or deposits are correctly linked to the intended bank account.
What Are Void Cheques Used For?
Here are some of the most common scenarios where you might require a CIBC void cheque:
- Direct Deposit Forms for Employment: In today’s workplace, most employers offer direct deposit as an option for receiving your paycheck directly into your bank account. This eliminates the need for cheque-cashing fees and minimizes the risk of losing paper cheques. When you commence a new job, your HR manager may request a void cheque to keep on record, ensuring that your paycheque is directed to the correct account.
- Electronic Fund Transfers (EFTs): Electronic Fund Transfers, initiated from one Canadian bank to another, are frequently used by businesses to automate invoice payments. Even the Canada Revenue Agency (CRA) relies on EFTs for disbursing tax refunds, tax credits, and various social welfare programs. EFTs are not only safer but also quicker than mailing paper cheques. To ensure the accuracy of your bank account details, organizations may request a void cheque.
- Automated Bill Payments: When it comes to automated bill payments, you can often link your credit or debit card to your account. However, certain organizations may require your bank account information. Unlike cards that can expire or become frozen, your bank account information remains constant. This makes it a more reliable way for organizations to ensure timely bill payments.
Are CIBC Void Cheques Safe?
In general, void cheques are considered safe. However, if they end up in the wrong hands, unscrupulous individuals may exploit the bank account information on the void cheque, potentially leading to identity theft.
When you’re creating or transmitting a void cheque, it’s crucial to ensure it reaches only its intended recipient, whether an individual or organization. If you’re sending the void cheque by mail, I recommend using a specialized security envelope. These envelopes conceal their contents from prying eyes, reducing the risk of theft during transit. Security envelopes are readily available at most office supply stores.
For those sharing a photocopy of a void cheque via email, I advise formatting the image as a PDF file and encrypting it. This added layer of security ensures that only you and the intended recipient can access the void cheque, minimizing the chances of unauthorized access.
The reassuring news is that CIBC is covered by the Canada Deposit Insurance Corporation (CDIC). This insurance safeguards each bank account for up to $100,000 in the event of fraud or theft.
Final Thoughts on CIBC Void Cheques
Obtaining a CIBC void cheque is a straightforward process that can save you time and hassle when dealing with various financial transactions. Whether you have a physical chequebook or prefer to go digital, CIBC offers convenient solutions to cater to your needs.
So, if you’re looking for a stress-free way to access your CIBC void cheque, don’t hesitate to explore your options. Take action today, and make your financial life easier with a CIBC void cheque – it’s just a few clicks away!